China Vanke (HKG:2202, SHE:000002) has approached bondholders to discuss delaying repayment on a yuan note due in April, Bloomberg News reported Thursday, citing people familiar with the matter.

Company representatives recently met selected holders of the April 23 bond and indicated that longer-dated extensions could form part of a wider restructuring plan, the report said.

The developer faces over 11 billion yuan in bond maturities before the end of July, including five onshore notes and two put options, the report said.

Any extension would require support from holders of over 90% of the notes, Bloomberg added.

Vanke is also exploring options, including longer tenor extensions, a potential tender offer, and asset-backed structures, the report added.

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